Renewable Energy To Fall Short Of Goals

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Renewable energy sources should satisfy half of the world’s electricity needs by 2030. However, the level will still fall short of more ambitious goals. The report with the figures is from the IEA.

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The report concludes that “the world is set to add more than 5 500 gigawatts (GW) of new renewable energy capacity between 2024 and 2030 – almost three times the increase seen between 2017 and 2023.” China will contribute 60% of this growth. That means China will have half of the world’s renewable capacity by the decade’s end.

Solar energy is expected to increase 80% of the renewable energy capacity over the period.

The improvement is based on a huge level of energy creation transformation worldwide. “As a result of these trends, nearly 70 countries that collectively account for 80% of global renewable power capacity are poised to reach or surpass their current renewable ambitions for 2030.”

200 Country’s Efforts

Growth will still be below the goals set at COP28, based on its agreement among 200 countries. The goal was to triple the world’s renewable capacity by 2030. The IEA report forecasts this figure will be 2.7x. While the IEA believes that the 3x goal is still possible, hitting it will be challenging. Government policies will have to be at the core of an acceleration. “This includes outlining bold plans in the next round of Nationally Determined Contributions under the Paris Agreement due next year, and bolstering international cooperation on bringing down high financing costs in emerging and developing economies, which are restraining renewables’ growth in high-potential regions such as Africa and Southeast Asia.”

Based on the fact that nations have varied in their effort to reach the goal and that compliance cannot be forced on them, the 3x goal will continue to be at risk.